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Construction in Norway – Key Trends and Opportunities to 2021

Construction in Norway – Key Trends and Opportunities to 2021

Synopsis

The Norwegian construction industry grew by 4.2% in real terms in 2016, following an annual growth of 2.9% in 2015 and 2.5% in 2014. This growth can be attributed to the recovery in global economic conditions coupled with government spending on residential, infrastructure and commercial construction markets, as well as positive developments in domestic and regional economic conditions.

The industry’s value is expected to continue to grow over the forecast period (2017–2021), with investments in public infrastructure, energy, commercial and industrial construction projects, and improved consumer and investor confidence. A rise in permits for the construction of residential and non-residential buildings in the country is also expected to support the industry’s growth over the forecast period.

Under the National Transport Plan (NTP) 2018–2029, the government plans to invest NOK59.7 billion (US$7.1 billion) annually to develop road, rail and other transport infrastructure until 2029. Accordingly, the government plans to invest NOK1.7 trillion (US$202.7 billion) in the construction and maintenance of road infrastructure by 2029. To develop rail infrastructure, the government plans to invest NOK1.0 trillion (US$119.4 billion) by 2029.

The industry’s output value in real terms is expected to record a compound annual growth rate (CAGR) of 2.91% over the forecast period – up from 2.79% during the review period.

Summary

Timetric’s Construction in Norway – Key Trends and Opportunities to 2021 report provides detailed market analysis, information and insights into the Norwegian construction industry, including:

  • The Norwegian construction industry's growth prospects by market, project type and construction activity
  • Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Norwegian construction industry
  • Profiles of the leading operators in the Norwegian construction industry
Scope

This report provides a comprehensive analysis of the construction industry in Norway. It provides:
  • Historical (2012–2016) and forecast (2017–2021) valuations of the construction industry in Norway using construction output and value-add methods
  • Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
  • Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
  • Detailed profiles of the leading construction companies in Norway
Reasons To Buy
  • Identify and evaluate market opportunities using Timetric's standardized valuation and forecasting methodologies.
  • Assess market growth potential at a micro-level with over 600 time-series data forecasts.
  • Understand the latest industry and market trends.
  • Formulate and validate strategy using Timetric's critical and actionable insight.
  • Assess business risks, including cost, regulatory and competitive pressures.
  • Evaluate competitive risk and success factors.
Key Highlights
  • Timetric expects the residential construction market to remain the largest segment, accounting for 43.7% of the industry’s total value in 2021. Growth over the forecast period is expected to be supported by rising residential building permits and the government’s efforts to reduce housing shortage. In addition, urbanization, population growth, affordable housing projects and positive developments in regional economic conditions are expected to support the demand for residential properties over the forecast period.
  • With robust and modern infrastructure vital for economic growth and competitiveness, the Norwegian government is focusing on infrastructure development. Under the NTP 2018–2029, the Norwegian government plans to develop 1,280km of new trunk roads and 380km of four-lane motorways with an investment of NOK311.6 billion (US$53.0 billion) by 2023.
  • The commercial construction market is expected to be supported by the government’s plan to increase tourist arrivals in the country. Under the Strategy 2014–2020, the government plans to develop a web based tool box to enable development in the tourism sector, establish a connection within tour operators and travelers, and develop tourism sites in the country.
  • The government’s plan to provide a high-speed internet connection and mobile network to all citizens by 2020 is expected to drive the growth of the energy and utilities construction market over the forecast period. Under the Digital Agenda for Norway, the government is planning to equip 90% of households with an internet connection speed of 100Mbps by 2020.
  • Timetric expects institutional construction market to register a forecast-period CAGR of 3.24% in nominal terms, driven by the government’s focus on educational infrastructure. In the 2017 Budget, the government announced a plan to invest NOK10.1 billion (US$1.2 billion) to build new 110 new free schools across the country by 2020.


  • Executive Summary
  • Industry Outlook
    • Commercial Construction
    • Industrial Construction
    • Infrastructure Construction
    • Energy and Utilities Construction
    • Institutional Construction
    • Residential Construction
  • Key Issues and Developments
  • Market Data Analysis
    • Construction Output and Value Add
      • Construction output by project type
        • Table Norwegian Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Construction Output by Project Type (NOK Million), 2016-2021
      • Construction output by cost type
        • Table Norwegian Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Construction Output by Cost Type (NOK Million), 2016-2021
      • Construction output by activity type
        • Table Norwegian Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Construction Output by Activity Type (NOK Million), 2016-2021
      • Construction value add by project type
        • Table Norwegian Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Construction Value Add by Project Type (NOK Million), 2016-2021
    • Commercial Construction
      • Commercial construction output by project type
        • Table Norwegian Commercial Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Commercial Construction Output by Project Type (NOK Million), 2016-2021
      • Commercial construction output by cost type
        • Table Norwegian Commercial Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Commercial Construction Output by Cost Type (NOK Million), 2016-2021
      • Commercial construction output by activity type
        • Table Norwegian Commercial Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Commercial Construction Output by Activity Type (NOK Million), 2016-2021
      • Commercial construction value add by project type
        • Table Norwegian Commercial Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Commercial Construction Value Add by Project Type (NOK Million), 2016-2021
    • Industrial Construction
      • Industrial construction output by project type
        • Table Norwegian Industrial Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Industrial Construction Output by Project Type (NOK Million), 2016-2021
      • Industrial construction output by cost type
        • Table Norwegian Industrial Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Industrial Construction Output by Cost Type (NOK Million), 2016-2021
      • Industrial construction output by activity type
        • Table Norwegian Industrial Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Industrial Construction Output by Activity Type (NOK Million), 2016-2021
      • Industrial construction value add by project type
        • Table Norwegian Industrial Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Industrial Construction Value Add by Project Type (NOK Million), 2016-2021
    • Infrastructure Construction
      • Infrastructure construction output by project type
        • Table Norwegian Infrastructure Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Infrastructure Construction Output by Project Type (NOK Million), 2016-2021
      • Infrastructure construction output by cost type
        • Table Norwegian Infrastructure Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Infrastructure Construction Output by Cost Type (NOK Million), 2016-2021
      • Infrastructure construction output by activity type
        • Table Norwegian Infrastructure Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Infrastructure Construction Output by Activity Type (NOK Million), 2016-2021
      • Infrastructure construction value add by project type
        • Table Norwegian Infrastructure Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Infrastructure Construction Value Add by Project Type (NOK Million), 2016-2021
    • Energy and Utilities Construction
      • Energy and utilities construction output by project type
        • Table Norwegian Energy and Utilities Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Energy and Utilities Construction Output by Project Type (NOK Million), 2016-2021
      • Energy and utilities construction output by cost type
        • Table Norwegian Energy and Utilities Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Energy and Utilities Construction Output by Cost Type (NOK Million), 2016-2021
      • Energy and utilities construction output by activity type
        • Table Norwegian Energy and Utilities Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Energy and Utilities Construction Output by Activity Type (NOK Million), 2016-2021
      • Energy and utilities construction value add by project type
        • Table Norwegian Energy and Utilities Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Energy and Utilities Construction Value Add by Project Type (NOK Million), 2016-2021
    • Institutional Construction
      • Institutional construction output by project type
        • Table Norwegian Institutional Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Institutional Construction Output by Project Type (NOK Million), 2016-2021
      • Institutional construction output by cost type
        • Table Norwegian Institutional Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Institutional Construction Output by Cost Type (NOK Million), 2016-2021
      • Institutional construction output by activity type
        • Table Norwegian Institutional Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Institutional Construction Output by Activity Type (NOK Million), 2016-2021
      • Institutional construction value add by project type
        • Table Norwegian Institutional Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Institutional Construction Value Add by Project Type (NOK Million), 2016-2021
    • Residential Construction
      • Residential construction output by project type
        • Table Norwegian Residential Construction Output by Project Type (NOK Million), 2012-2016
        • Table Norwegian Residential Construction Output by Project Type (NOK Million), 2016-2021
      • Residential construction output by cost type
        • Table Norwegian Residential Construction Output by Cost Type (NOK Million), 2012-2016
        • Table Norwegian Residential Construction Output by Cost Type (NOK Million), 2016-2021
      • Residential construction output by activity type
        • Table Norwegian Residential Construction Output by Activity Type (NOK Million), 2012-2016
        • Table Norwegian Residential Construction Output by Activity Type (NOK Million), 2016-2021
      • Residential construction value add by project type
        • Table Norwegian Residential Construction Value Add by Project Type (NOK Million), 2012-2016
        • Table Norwegian Residential Construction Value Add by Project Type (NOK Million), 2016-2021
  • Company Profile: Veidekke ASA
    • Veidekke ASA - Company Overview
      • Table Veidekke ASA, Key Facts
    • Veidekke ASA - Business Description
    • Veidekke ASA - Main Products and Services
      • Table Veidekke ASA, Main Products and Services
    • Veidekke ASA - History
      • Table Veidekke ASA, History
    • Veidekke ASA - Company Information
      • Veidekke ASA - key competitors
      • Veidekke ASA - key employees
        • Table Veidekke ASA, Key Employees
  • Company Profile: AF Gruppen ASA
    • AF Gruppen ASA - Company Overview
      • Table AF Gruppen ASA, Key Facts
    • AF Gruppen ASA - Business Description
    • AF Gruppen ASA - Main Services
      • Table AF Gruppen ASA, Main Services
    • AF Gruppen ASA - History
      • Table AF Gruppen ASA, History
    • AF Gruppen ASA - Company Information
      • AF Gruppen ASA - key competitors
      • AF Gruppen ASA - key employees
        • Table AF Gruppen ASA, Key Employees
  • Company Profile: Norconsult Holding AS
    • Norconsult Holding AS - Company Overview
      • Table Norconsult Holding AS, Key Facts
    • Norconsult Holding AS - Business Description
    • Norconsult Holding AS - Main Services
      • Table Norconsult Holding AS, Main Services
    • Norconsult Holding AS - History
      • Table Norconsult Holding AS, History
    • Norconsult Holding AS - Company Information
      • Norconsult Holding AS - key competitors
      • Norconsult Holding AS - key employees
        • Table Norconsult Holding AS, Key Employees
  • Company Profile: Vestfold Fjellboring AS
    • Vestfold Fjellboring AS - Company Overview
      • Table Vestfold Fjellboring AS, Key Facts
    • Vestfold Fjellboring AS - Main Products and Services
      • Table Vestfold Fjellboring AS, Main Products and Services
    • Vestfold Fjellboring AS - History
      • Table Vestfold Fjellboring AS, History
    • Vestfold Fjellboring AS - Company Information
      • Vestfold Fjellboring AS - key competitors
      • Vestfold Fjellboring AS - key employees
        • Table Vestfold Fjellboring AS, Key Employees
  • Company Profile: Selvaag Gruppen AS
    • Selvaag Gruppen AS - Company Overview
      • Table Selvaag Gruppen AS, Key Facts
    • Selvaag Gruppen AS - Main Services
      • Table Selvaag Gruppen AS, Main Services
    • Selvaag Gruppen AS - History
      • Table Selvaag Gruppen AS, History
    • Selvaag Gruppen AS - Company Information
      • Selvaag Gruppen AS - key competitors
      • Selvaag Gruppen AS - key employees
        • Table Selvaag Gruppen AS, Key Employees
  • Appendix
    • What is this Report About?
    • Definitions
      • Table Timetric Construction Market Definitions
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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